the original purchase price of a car is $14,000. Each year, its value depreciates by 10%. three years later after its purchase,
2 answers:
Answer:
The value of the car is $18634.
Step-by-step explanation:
Given : The original purchase price of a car is $14,000. Each year, its value depreciates by 10%. Three years later after its purchase.
To find : What is the value of the car?
Solution :
To find the value of car we apply compound interest formula,
Where, A is the amount
P is the principal P=$14000
r is the rate of depreciates r=10%=0.1
t is the time t=3 years
Substitute the value in the formula,
Therefore, The value of the car is $18634.
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